1. Real Estate Industry Branding.
2. Marketing Communication.
3. Customer Relationship Management.
4. Communication Points for Redevelopment.
5. Name Game in Real Estate Industries.
1. Real Estate Industry Branding
Same Basics, Different Dynamics:
The branding basics applicable to the real estate business are no different from branding in any other sector. The principles are the same, even if the applications are more specific and following the special dynamics of the business. I am starting with the basic concept of branding; it all boils down to that relationship at a human level between the brand and customers. It is about that trust, connection and affinity that the brand can establish and grow among customers and the general public in a certain markets. How to establish this connection, grow it and sustain it through time and geographies is all about the rules of good branding strategies for realty market. I am describing it through following points. The Creation of Value:
The principle of “value creation” for customers and consumers is widely understood in the business and branding arena; however, the applications of this basic principle in a category like real-estate are quite complex. We can say that value creation in real estate is a process that is a function of time, the number of projects, customer satisfaction, successes and also failures. While continuous successes and growing satisfaction will make brand value grow exponentially; one single failure could be detrimental to the build-up of brand value and can hinder the whole process. One key advice here is to be brand focused and transparent; if the focus on the brand will help building the value and spreading it across projects and markets, transparency will buy the company some forgiveness if anything went out of control in any project or operation. The Transfer of Value:
Real estate brands that have managed to create value through a number of successful and sometimes iconic projects would benefit from a good reputation, equity and image in the market. The positive experience that people have had with the brand in the past could be expected from new projects provided that a good marketing and communication job is supporting the brand and its activities. Marketing and communication role is very important in this process, especially in highlighting the endorsement role that the master brand is bringing to new projects. The core brand promise, values and personality should be clearly pronounced in all these projects. The immediate results of “value transfer” will be noticed when the new projects from this same brand will start reaping substantial acceptance and “good will” in a relatively very short time. The successes and credentials of the master brand will start travelling around the market and offer new experiences to new customers and different target groups.
The “Necklace” of Projects:
The dynamics of brand value creation and transfer in the real estate business could be compared to a “necklace”. A combination of jewellery, pearls or precious stones linked together with common thread to form a valuable piece. Each element or stone add to the value of the necklace but at the same time gets more value for being part of the same necklace with other valuable and attractive elements and pieces. The different elements need to keep a high level of harmony and fit between each other in order to be in the same necklace. This will drive the overall value of the necklace and make more than just the sum of the individual elements’ value.
The Right Dose of Branding
Branding and commodities goes in two opposite directions. As long as real estate companies are thinking in terms of “projects” and “developments” the real estate branding process cannot reach its full potential in terms of value creation. Therefore, when companies realize that they are not only building...